Mumbai-based gaming and digital media company Nazara Technologies has invested Rs.83.5 crore in edtech startup for pre-schoolers Paper Boat Apps.
The company said it had acquired a majority stake of 51% in the startup at a pre-money valuation of Rs.154 crore.
Founded in 2012 by husband-wife duo, Paper Boat Apps is the creator and publisher of Kiddopia, a subscription-based edutainment app for kids. The startup aims to make learning a fun experience and create content that children love. All its apps are released only after being tried, batch-tested and approved by kids. At Paper Boat App, imagination and individual expression is every bit as important as academic growth and social development, and so they target all these areas and make the experience a blast by combining stimulating educational content with innovative gameplay, stuning visuals and cheerful sounds.
Paper Boat Apps’ Kiddopia offers a wide array of interactive games and stimulating activities that foster cognitive development, self expression and also social-emotional learning. When the app was launched in 2017, it became a hit with kids and parents everywhere. The app is now being used by millions of kids, parents and teachers worldwide. Kiddopia is a safe, inclusive and encouraging environment that aims help each child reach their fullest potential.
Commenting on how the new investment will help the company, Anupam Dhanuka, Co-founder and CEO of Paper Boat Apps, said,
“This investment will help us grow our team, strengthen our market share in the US and expand to other high value markets such as Latin America, Europe and Japan. We also plan to leverage Nazara’s existing network of users to quickly grow in India, Southeast Asia and the Middle East.”
Meanwhile, Nazara has been on a roll, acquiring stakes in various gaming and digital media companies in the past year. The company acquired a stake in SportsKeeda, a sports content website. It has also increased its stake in HalaPlay, a real money gaming app. In the past, the company has acquired NODWIN Gaming, DJuzz and MyGamma and has invested in startups such as MasterMind Sports, BakBuck, Truly Social, InstaSportz, and Moong Labs.
Commenting on its latest acquisition, Nitish Mittersain, founder and MD of Nazara Technologies said that “Kiddopia will be leveraged to over 100 million users through the Nazara network.”
Hope the latest investment will enable Paper Boat Apps to achieve its plans to expand its team and operations, and strengthen its market share in the US and across the world.